March 16, 2023

ChromaScape Acquisition of CEL Chemical Featured in The North American Edition of International Paper Board Industry 

Heartwood Partners investment company ChromaScape’s CEO, Seth Tomasch, is featured in The North American edition of International Paper Board Industry. Seth discusses ChromaScape’s recent acquisition of CEL Chemical, a manufacturer of adhesives, additives, modifiers and enhancers used in the corrugated industry. He touches on the reasoning for the acquisition and what plans are for the future. 

Seth highlights how ChromaScape will add value to CEL, getting to know the corrugated sector’s people and companies, and improvements ChromaScape implemented since the acquisition. “The acquisition of the CEL product line allowed us to move downstream into the corrugating market, which we see as a logical extension of our packaging focus”, said Seth Tomasch. “We are excited to add CEL Chemical’s products to our product line. ChromaScape’s focus on quality, on-time delivery and customer service will support the continued growth of this highly-differentiated product.”

Read the full article here.

To learn more about ChromaScape, visit:

Please contact the following members of the investment team at Heartwood Partners with investment or add-on opportunities:

Edwin Tan, Partner

John Willert, Partner

John Newman, Principal

Sarah Paquet, Principal

Brian Chung, Senior Associate

About Heartwood Partners

Heartwood Partners has been dedicated to investing in private companies for over 37 years, developing a well-established track record of supporting management teams to build and grow their companies, both organically and by add-on acquisition. You can learn more about Heartwood Partners at We are currently investing from a $600 million committed fund, Heartwood Partners Private Equity Income Fund III, LP. In addition, we have access to additional equity capital through co-investment from our limited partners. Our approach is designed for a longer-term investment horizon (our average investment period has been 5-7 years) and to capitalize portfolio businesses conservatively using significantly more equity and less debt than is typical in private equity investments. We do this to strengthen portfolio company balance sheets, create significant operating and bank covenant flexibility and perpetuate a business’ ability to pay a cash yield out of excess cash flow to shareholders and management.